Some Oil Marketing Companies (OMC) have started reducing prices of petroleum products at the pumps from today, February 16, 2023.
This is the second time fuel prices have been reduced this year.
GOIL has cut its prices with a litre of petrol going for ¢14.50. This represents almost 5% reduction from the previous price.
Diesel, on the other hand is going for ¢14.90, showing a price reduction by almost 3% per litre.
The reduction is in line with the two week review in prices which has been influenced by a fairly stable cedi and prices of petroleum products on the International Market.
IES predicts price reduction
Earlier, the Institute for Energy Security (IES) predicted that prices of petrol and diesel were expected to drop significantly between 7.1% and 10.8% at the pumps, from Thursday February 16, 2022.
According to the IES, petrol was expected to sell at about ¢14.40 per litre, and diesel going for about ¢13.90 per litre.
But the IES said a price of a kilogramme of LPG may hinged up to sell at ¢14.70 before the close of second pricing-window for February 2023.
The fall in prices of petrol and diesel are due to a marginal appreciation of the cedi to the dollar and drop in the prices of petrol and diesel globally.
World oil market
The international crude oil benchmark Brent fell to about $82.89 per barrel on average terms from a previous average rate of $86.14 per barrel.
This represented a 3.77% fall in average price over the last two weeks. The window saw the price drop to about $79.72 per barrel at close of trading day February 5, after which price has seen slow increases and closed the window trading day at about $86.39 on February 10, 2023.
Latest Stories
-
MoE is not changing uniforms or re-painting all public schools – Kwasi Kwarteng clarifies
16 mins -
16th Africa Aquatics Swimming Championships: Nubia and Harry to represent Ghana in Angola
23 mins -
Four defendants in NDA case by OSP open defence today
24 mins -
GFA commissions first set of floodlights at Ghanaman Soccer Centre of Excellence
30 mins -
Basic public school uniform change an initiative, not a policy – Kwasi Kwarteng
32 mins -
Bawumia appeals for peace in Gonjaland, donates GHȼ100K, bull
38 mins -
Drake: AI Tupac track gone from rapper’s Instagram after legal row
51 mins -
Repainting schools, changing uniforms a misplaced priority – Joy FM listeners on rebranding of basic public schools
56 mins -
UEFA U-16 Tournament: Black Starlets bounce back with 5-1 win over Serbia
1 hour -
There’s nothing strange about changing colours for basic public schools – Education Ministry PRO
1 hour -
Diana Asamoah causes arrest of personal assistant over GH₵4k MoMo theft
2 hours -
Adina impresses fans with new single ‘Emergency’
2 hours -
Our mindset should breed excellence – Ace Ankomah
2 hours -
SML fully delivered on Transaction Audit Service Agreement with GRA
2 hours -
Government trying to hide something from SML/GRA contract – Arthur Kennedy
2 hours